Remuneration

Authors: Mark Ife and Paul Ellerman After over two years of debate, agreement has finally been reached on the proposed directive amending the Capital Requirements Directive (which is generally being titled CRD5), and the European Council has published its final … Continue reading →

Authors: Mark Ife and Paul Ellerman Agreement has now been reached between the European Parliament, the Commission and the Council on the final texts of two Directives which will impact on the remuneration provisions which apply to banks and investment … Continue reading →

The PRA has issued a draft Supervisory Statement, containing guidance on how Solvency II remuneration rules are to be applied (Draft Guidance). The Draft Guidance is, in certain respects, materially more onerous than may have been expected. In particular, it … Continue reading →

On 23 July 2015, the European Securities and Markets Authority (“ESMA”) published its draft guidelines on the implementation of the UCITS V remuneration principles for consultation. In the consultation, ESMA’s approach to the application of proportionality differs from that of the European Banking Authority (EBA) … Continue reading →

The Prudential Regulation Authority and the Financial Conduct Authority have each announced their proposed approach to the UK implementation of the cap on variable remuneration, being introduced by the amended capital requirements directive (CRD IV). The consultation documents give much … Continue reading →

Yesterday afternoon it was announced that the UK Government has launched a legal challenge in the Court of Justice of the European Union against the cap on variable remuneration introduced by the new capital requirements directive (“CRD IV”). Although this may … Continue reading →

The European Banking Authority (“EBA”) has published draft regulatory technical standards on the definition of Identified Staff (“Code Staff” under the UK Remuneration Code) which, when finalised, will create compulsory rules on classifying Identified Staff. These standards are intended to … Continue reading →

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On Friday 17 December 2010, the FSA issued its revised Remuneration Code (the “Code“) containing its interpretation of the remuneration principles contained in the amendments to the Capital Requirements Directive (“CRD III”). The FSA Code takes into account a number … Continue reading →

On Friday 10 December 2010, following the public consultation in relation to its draft guidelines, the Committee of European Banking Supervisors (“CEBS”) issued its final form Guidelines on Remuneration Policies and Practices (the “Guidelines”) in relation to the remuneration principles … Continue reading →

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The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.Herbert Smith Freehills LLP is authorised and regulated by the Solicitors Regulation Authority.